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It has been more than a year since the Japanese Financial Services Agency approved the creation of a cryptocurrency exchange system in the country. Coincheck, which was hacked at the beginning of last year, became the 17th fully registered cryptographic exchange in the country. The stock exchange has made many improvements after its acquisition by the Monex group.

Originally, Coincheck applied to be registered with the FSA in September 2017. While the regulator had approved 16 cryptographic exchanges in that year, it continued to evaluate Coincheck. The stock market was classified as a reputable broker, which means that it was allowed to operate while the FSA was reviewing its application.

Necessary improvements made

<img class = "medium-size wp-image-273653 align” title=”Japan approves 17th Cryptocurrency Exchange – a first in more than a year” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/checklist-300×190.png” alt=”Japan approves the 17th Cryptocurrency Exchange – a first in addition to a year "width =" 300 "height =" 190 "srcset =" https://news.bitcoin.com/wp-content/uploads / 2019/01 / checklist-300×190. png 300w, https://news.bitcoin.com/wp-content/uploads/2019/01/checklist-768×487.png 768w, https://news.bitcoin.com/wp-content/uploads/2019/01/ checklist-696×441.png 696w, https://news.bitcoin.com/wp-content/uploads/2019/01/checklist-662×420.png 662w, https://news.bitcoin.com/wp-content/uploads/ 2019/01 / checklist.png 1011w "sizes =" (maximum width: 300 pixels) 100vw, 300 pixels”/>In Friday's announcement, Coincheck outlined six areas he had addressed in order to comply with the FSA registration requirements. The stock market has "fundamentally improved governance", "reviewed the commercial strategy and ensured the protection of customers", "strengthened the control of governance by the board", "clarified the risks related to the crypto-currencies proposed by the company", "Implemented measures to combat money laundering (AML) and the fight against the financing of terrorism (CFT)" and "a revised organizational structure to ensure its validity".

Coincheck's approval comes more than a year after the last cryptocurrency swap, Bitocean, approved by the FSA on December 26, 2017. The hack Coincheck's decision in January prompted the agency to slow down the pace of approvals and began tightening its surveillance of cryptographic exchanges, forcing 13 of the 16 suspected dealers to leave the market. Nevertheless, the FSA told news.Bitcoin.com at the end of last year, more than 190 cryptographic central operators have expressed their intention to enter the market.

What do you think of the Japanese regulator who finally granted Coincheck the registration? Let us know in the comments section below.